An Empirical Study On The Ownership Structure And Performance Of Real Estate Listing Corporation In China

Real estate market is China’s pillar industries, and real estate is related to the livelihood of the event, the real estate industry in a large proportion of China’s GDP, the data show that in recent years the real estate industry accounted for about 19%of China’s GDP, the real estate market is stable or not relating to whether China’s economy is running smoothly and efficiently. In May 16,2015, co-sponsored by the Development Research Center of the State Council Enterprise Institute, the Real Estate Institute of Tsinghua University and China Index Research Institute, three research institutions "2015 Chinese listed real estate companies research conference "held in Shanghai Stock exchange.At the meeting discussed the recent years China’s real estate market as a whole showed a rapid expansion of high-speed development of the situation, but also pointed out that China’s real estate market, there are still corporate finance pressure rises, the future real estate market decline in investment income, serious internal control, property rights clear and other issues, how to efficiently through the establishment of the company’s internal governance to address serious insider control, unclear property rights and other issues have been a hot issue in the research community concerns. Especially after the April 2005 launch of the split share structure reform, with the proportion of non-tradable shares declined, the equity structure of listed companies has undergone tremendous changes, changes brought about these effects will have a tremendous impact on corporate performance, so we need to explore the relations between ownership structure and corporate performance after the split share structure reform in the April 2005.Ownership structure and corporate performance has a very close relationship, ownership structure is the foundation of the company’s internal governance, and corporate governance largely determines the company’s operating condition and profitability, which largely determines the company’s performance level. Therefore, the relationship study on equity structure and company performance is necessary.The logical thinking of this paper is from three aspects, which are the nature of ownership, the concentration degree of ownership, the balance of ownership to study the effect of the company on the performance of the company.The first chapter discusses the research background, purpose and significance of the study, listed in the domestic and foreign scholars published on the company’s equity structure and corporate performance of the research literature.In the second chapter, the definition and explanation of the equity structure and performance are normative, and the related theories of the mainstream equity structure are summarized. The third chapter describes the status of the ownership structure and corporate performance of China’s real estate listing Corporation by using the graph and the text.The fourth chapter first introduces the source of the relevant data, the definition of the variable index and the relationship between the variables and the company’s performance, and then carries on the correlation analysis and the individual fixed effect model to carry on the empirical analysis. The fifth chapter puts forward the corresponding suggestions, and summarizes the shortcomings of this paper.